HAVERHILL, MA -- Boosted by smartphones and PCs, Taiwan's printed circuit board industry enjoyed the fastest recovery last year, rising 69% year-over-year, according to aggregated revenue data.

The figures were compiled by industry analyst Dominique Numakura of DKN Research and based on domestic trade associations' data. Neither China's nor Korea's numbers were available, although Numakura provided estimates for the latter.

1. Taiwan:  69%

2. Korea: 50%

3. Germany: 34%*

4. North America: 18%

5. Japan: 16%

*First 10 months

"All regions enjoyed double-digit percentage increases in revenue compared to 2009," noted Numakura, adding that his estimate for Korea was conservative.

However, he noted that the data hide some ominous trends. For example, Germany's 34% increase was through October, but business there fell during the fourth quarter and its final growth will be less than the 34% listed above.

Moreover, says Numakura, while trade associations are "extremely optimistic for 2011, there could be several questionable situations for the annual base analysis due to market swings that have shorter intervals and larger amplitudes."

He points out that the deep PCB recession made the rebound look that much sharper, and while the overall PCB market grew 15 to 30% in 2010 year-over-year, "in reality, we are comparing 2010 to 2009 – a real down year; almost any growth will translate into a positive number."

"Compared to its hedday, the market is down considerably (between 20 and 30%) compared to those very productive years," he said.

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